Rent vs Own

Are you wondering if buying a home is the right choice for you? Don't worry, we'll help you out.

Purchasing a home is one of the biggest financial decisions you will make in your life. Factors such as your annual income and how many years you plan to stay in your home can affect whether renting or buying is the most sensible choice.

Let our Rent vs Own Calculator help you gain a clearer picture of what your costs will be long-term if you rent or purchase a home.

Rent Vs. Own Calculator

Calculate the difference between renting and buying a home.

Monthly Rent

Annual Rent Increase

Monthly Renter's Insurance

Home Purchase Price

Down Payment

Mortgage Interest Rate

Estimated Home Purchase Costs

Property Tax Rate

Annual Home Maintenance

How long before selling?

Years

Annual Home Appreciation

Selling Costs

Interest Earned on Down Payment

Your Income Tax Rate

Default amounts are hypothetical and may not apply to your individual situation. This calculator provides approximations for informational purposes only. Actual results will be provided by your lender and will likely vary depending
on your eligibility and current market rates.

Results

Should you Rent or Own?

Average Monthly Payment Savings

Estimated Total Gain

Is it better to rent or buy?

In the present, renting may appear less expensive - monthly rent is typically more affordable than a down payment, and can be more affordable than monthly mortgage payments.

In the long run, however, experts say buying is more financially sound. When you purchase a home, you are building equity for your future. When you're making monthly rent payments, you will never see that money again.

As rates increase for both rent and home purchases, a major factor contributing to affordability of home purchases is mortgage interest rates. The higher the interest rate, the more you are paying over time.

In the end, it's a decision only you can make. If your financial picture is relatively stable and you plan to stay in your chosen town or community for the near future, buying a home may be the better choice. If you plan to move frequently, or are still
working on improving or building your credit and finances, renting might be an ideal option.

This calculator is for informational purposes only. Results are an approximation based on the information you enter. Please speak with a Waterstone Mortgage loan professional for specific information and current market conditions.